Dashboard/Lab/STH SOPR

STH SOPR

Cohort Cost Basis

Spent Output Profit Ratio for short-term holders. Below 1 = new buyers realising losses (capitulation); sustained above 1 = healthy uptrend.

Current Value

1.0012

As of

2026-10-16

Z-Score

—

Signal

Yellow

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Methodology

Open, reproducible — computed from our own archive node

Definition

Short-Term Holder SOPR (true cohort) — profit ratio of spends from coins younger than 155 days. Replaces the STH-SOPR proxy.

Formula

sth_sopr = Σ sth_spent_market_usd / Σ sth_spent_realized_usd

How we compute it

Computed directly from short-term-holder spent outputs (market value at spend ÷ cost basis), via the cohort-extraction stage — not a supply-weighted proxy.

Provenance · Every on-chain metric traces back to our own self-hosted Bitcoin archive node — no third-party data vendor sits in the path. We extract the full UTXO lifecycle (each output's creation height/time, value, and the height/time it was later spent), join it against an independent USD price oracle, and roll it up into daily aggregates. The metric formulas are pure functions over those aggregates (src/pipeline/formulas.py), so any value on this page can be reproduced from the published daily archive.

Interpretation

Below 1 = new buyers realizing losses (capitulation); sustained above 1 = healthy uptrend with recent buyers in profit.

> 1.02STHs realizing profit
0.98 – 1.02Break-even
< 0.98STH capitulation

Caveats & limitations

  • ·Requires the cohort-extraction stage. (The earlier `sth_sopr_proxy` = SOPR × STH supply share was withdrawn in Sep 2026: it was not a SOPR ratio.)
Data points: 5,903 rows, 2010-08-18 to 2026-10-16Open in Lab →

Current STH SOPR reading

As of 2026-10-16, Bitcoin’s STH SOPR is 1.001, compared with 0.987 one year earlier (2025-10-16). The series has 5,903 daily readings from 2010-08-18 to 2026-10-16, computed from our own full-archive Bitcoin node and refreshed every day.

Historical extremes

The highest STH SOPR on record is 3.227 on 2010-08-18; the lowest is 0.649 on 2011-11-16. Readings near either end of that range have historically coincided with cycle turning points — use the chart above to see where today sits relative to past extremes.

Read it with

  • Realized Price — Aggregate cost basis of all coins — realized cap divided by circulating supply.
  • STH Cost Basis — Realized price of short-term holders (coins younger than 155 days).
  • LTH Cost Basis — Realized price of long-term holders (coins older than 155 days).
  • STH MVRV — Short-term holder MVRV — market value vs cost basis for coins under 155 days.
  • LTH MVRV — Long-term holder MVRV — market value vs cost basis for coins over 155 days.

Data & method

Source: computed from raw UTXO data on OnChainLab’s own Bitcoin node — no third-party data vendor. Category: Cohort Cost Basis. Last updated 2026-10-16. The full series is free to download as JSON or as part of the full daily CSV, and the published dataset is cryptographically committed — you can verify it yourself. Browse all metrics.